Congress has the power to tax income from whatever source derived. Do you believe that this allows

Question:

Congress has the power to tax income "from whatever source derived." Do you believe that this allows Congress the discretion to tax municipal bond interest (or other tax-exempt income) earned throughout a tax year retroactively if the law to make this income taxable is not enacted until the very end of the tax year?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Taxation For Decision Makers 2014

ISBN: 9781118654545

6th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

Question Posted: